Brookfield to invest $1 bln in JV with SBI for Indian distressed assets

Reuters Staff

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MUMBAI, July 20 (Reuters) - Canada's Brookfield Asset Management Inc aims to pump in about $1 billion into a proposed joint venture with India's top lender State Bank of India that will invest in distressed assets in the South Asian nation, the companies said on Wednesday.

Brookfield will commit about 70 billion rupees ($1 billion) to the venture, while SBI will contribute up to 5 percent of its total investments, according to a joint statement.

The joint venture may at a later stage seek participation from other lenders in the identified assets, the statement said. ($1 = 67.2100 Indian rupees) (Reporting by Devidutta Tripathy; Editing by Muralikumar Anantharaman)